There’s been a lot of talk the past few days about Iran’s “oil weapon.” Luckily, the Wall Street Journal energy blog reminds us of an inconvenient truth for that theory:

Stephen Bailey, senior vice president at Frontier Strategy Group, countered in the CNBC debate that Iran might have a good reason to keep oil prices under control: Because it lacks refining capacity, it must import about 40% of its gasoline. So prices might soar at the pump in Iran, as well, in the event of a confrontation. That could further weaken the political power of President Ahmadinejad, whose popularity is already diminishing at home, Bailey said. He didn’t mention it, but one reason for his falling popularity is Iran’s recent decision to ration and raise prices of gasoline. Ration and raise prices of gasoline? Where have I heard that policy advanced recently?